Nevada unemployment rate falls to 6.9 percent in June
Submitted by editor on Wed, 07/15/2015 - 7:44am
Nevada’s unemployment rate fell to 6.9 percent in June, down from 7 percent in May and 7.8 percent a year ago, making it the first time in seven years that the state’s unemployment rate has been below 7 percent, according to figures released Wednesday by the Nevada Department of Employment, Training and Rehabilitation.
“I’m encouraged by the continued positive trends evident in the Silver State’s labor market,” said Gov. Brian Sandoval. “June’s unemployment rate broke below the 7 percent barrier for the first time since July 2008. Job levels have risen in five of six months during the first half of the year and are trending about 40,000 higher than a year ago.”
This is the 54th consecutive month of job gains relative to the previous year, and the highest employment level that Nevada has experienced since August 2008, at a seasonally adjusted 1.26 million. With annual growth of 4 percent relative to 2013, Nevada’s private sector job growth ranks second in the nation, said Bill Anderson, chief economist for Nevada’s Department of Employment, Training and Rehabilitation.
Additionally, the labor force has seen a recent increase, with more than 20,000 Nevadans searching for work and now being counted in the labor force.
“The increase in the labor force is partly due to increased confidence in the labor market as job prospects have improved,” Anderson said. “Employment gains in both May and June have been strong enough to offset the expanding labor force to put renewed downward pressure on the jobless rate.”
In a month where, based upon historical trends, the state would expect to lose 2,700 jobs relative to the prior month, Nevada only shed 600 positions in June, leading to a seasonally adjusted increase of 2,100 jobs. Over the year, employment is up 42,400, for a growth rate of 3.5 percent. This is the 54th consecutive month of job gains relative to the previous year, and the highest employment level that Nevada has experienced since August 2008, at a seasonally adjusted 1.26 million, said Anderson.
Leisure and hospitality, the largest employment sector in Nevada, led the state in terms of nominal growth this month, adding 17,200 jobs to payrolls, a growth rate of 5.1 percent compared to 2014. Construction employment led the way in terms of percentage growth, up 11.1 percent, with an additional 7,000 workers. The only sector to experience a year-over-year contraction this month was mining, which lost 800 jobs.
